Mercer Global Investments (MGI) has terminated a mandate with one of its four global tactical asset allocation (GTAA) managers, after assigning it less than a year ago.
The $12 billion multi-manger has withdrawn a $30 million GTAA mandate with Tactical Global Management (TGM), which was awarded in March 2007. Russell Clarke, MGI chief investment officer, said the mandate was distributed among the three other managers – GMO, Barclays Global Investors and BNY Mellon Asset Management – that already manage GTAA strategies for MGI. Clarke said that TGM’s performance had been “;a bit soft”. “There were certain aspects that we were uncomfortable with, and we were very comfortable with the other three managers.” TGM is a GTAA, global macro and currency manager with offices in London and Brisbane.
11 March 2008 00:00
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Investments
Ryan Riedler, head of ASX core strategy, Australian equities at Cbus, says the fund will look to generate alpha locally through engagement and that internalisation will help it strengthen its connection with other market participants, as well as its brokers and service providers.
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